I will be 55 soon. Is it too early to think about low income senior housing? I live in Chicago.?

I work part-time, go to school full-time. So my funds are very limited.

Well, you may not really be looking for necessarily low income senior housing. There are lots of housing opportunities, called tax credit housing, where they are an in between stage. It's for those of us at an in between stage where we have some income coming in and don't qualify for low income housing but can't afford conventional housing. It's also good, especially in the Chicago-area, because the waiting lists to get into low income housing have been closed for years. There are also tax credit properties, which are directed towards seniors.

Look now so when the time comes, your prepared

It can't hurt to look into it! Make a couple of calls, look on websites.

Not if you don't mind being surrounded by a bunch of old people.

No it isn't but make sure you check out the contracts you must sign. Hire an attorney it will be worth it!

My Mom did her's without legal advice and when she found out she hated the place there was no way out where she could get even part of her money back. Plus when the place she bought into began cutting out the services they offered when she bought in,she was just SOL! She could sue but that is her only recourse. And they know that most people cannot afford to sue if they are on a fixed income,and they figure if the residents try a class-action, by the time it makes it to court they will not be alive to testify. SO hire an attorney first! That way you will not need one later.

Absolutley not. I am 26 and I think about things that I will need and want at retirement age. It is never too early to think about your future comfort. The earlier you do it the best the decision will be. I don't normally reccomend places but you can try prepaid legal. It is affordable and they can handle your legal things including looking over documents. I have it but I haven't needed to use it but it is comforting to know that it is there. You can use them for contracts and anything that you will need to pledge to.

Never too early to plan and secure your retirement. Start looking into and shop around. Tons of those places going up now so lots of competitive pricing

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